{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,14]],"date-time":"2026-02-14T06:18:33Z","timestamp":1771049913500,"version":"3.50.1"},"reference-count":61,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2014,4,9]],"date-time":"2014-04-09T00:00:00Z","timestamp":1397001600000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Econ Theory"],"published-print":{"date-parts":[[2015,1]]},"DOI":"10.1007\/s00199-014-0808-0","type":"journal-article","created":{"date-parts":[[2014,4,8]],"date-time":"2014-04-08T19:09:47Z","timestamp":1396984187000},"page":"1-30","source":"Crossref","is-referenced-by-count":33,"title":["The effects of credit subsidies on development"],"prefix":"10.1007","volume":"58","author":[{"given":"Ant\u00f3nio","family":"Antunes","sequence":"first","affiliation":[]},{"given":"Tiago","family":"Cavalcanti","sequence":"additional","affiliation":[]},{"given":"Anne","family":"Villamil","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2014,4,9]]},"reference":[{"issue":"4","key":"808_CR1","doi-asserted-by":"crossref","first-page":"709","DOI":"10.1086\/262091","volume":"105","author":"D Acemoglu","year":"1997","unstructured":"Acemoglu, D., Zilibotti, F.: Was prometheus unbound by chance? Risk, diversification and growth. J. Polit. Econ. 105(4), 709\u2013751 (1997)","journal-title":"J. Polit. Econ."},{"issue":"3","key":"808_CR2","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1007\/s00199-009-0495-4","volume":"45","author":"J Alexopoulos","year":"2010","unstructured":"Alexopoulos, J., Cavalcanti, T.V.: Cheap home goods and persistent inequality. Econ. Theory 45(3), 417\u2013451 (2010)","journal-title":"Econ. Theory"},{"issue":"3","key":"808_CR3","doi-asserted-by":"crossref","first-page":"785","DOI":"10.1111\/j.1468-2354.2010.00601.x","volume":"51","author":"P Amaral","year":"2010","unstructured":"Amaral, P., Quintin, E.: Limited enforcement, financial intermediation and economic development: a quantitative assessment. Int. Econ. Rev. 51(3), 785\u2013811 (2010)","journal-title":"Int. Econ. Rev."},{"issue":"1","key":"808_CR4","doi-asserted-by":"crossref","first-page":"203","DOI":"10.1016\/j.euroecorev.2005.11.008","volume":"51","author":"A Antunes","year":"2007","unstructured":"Antunes, A., Cavalcanti, T.: Start up costs, limited enforcement, and the hidden economy. Eur. Econ. Rev. 51(1), 203\u2013224 (2007)","journal-title":"Eur. Econ. Rev."},{"issue":"7\u20138","key":"808_CR5","doi-asserted-by":"crossref","first-page":"553","DOI":"10.1016\/j.jmateco.2006.03.004","volume":"44","author":"A Antunes","year":"2008","unstructured":"Antunes, A., Cavalcanti, T., Villamil, A.: Computing general equilibrium models with occupational choice and financial frictions. J. Math. Econ. 44(7\u20138), 553\u2013568 (2008a)","journal-title":"J. Math. Econ."},{"issue":"2","key":"808_CR6","doi-asserted-by":"crossref","first-page":"278","DOI":"10.1016\/j.jmoneco.2007.10.006","volume":"55","author":"A Antunes","year":"2008","unstructured":"Antunes, A., Cavalcanti, T., Villamil, A.: The effect of financial repression & enforcement on entrepreneurship and economic development. J. Monet. Econ. 55(2), 278\u2013298 (2008b)","journal-title":"J. Monet. Econ."},{"issue":"1","key":"808_CR7","doi-asserted-by":"crossref","first-page":"459","DOI":"10.1111\/j.1465-7295.2012.00471.x","volume":"51","author":"A Antunes","year":"2013","unstructured":"Antunes, A., Cavalcanti, T., Villamil, A.: Costly intermediation & consumption smoothing. Econ. Inq. 51(1), 459\u2013472 (2013)","journal-title":"Econ. Inq."},{"issue":"1","key":"808_CR8","doi-asserted-by":"crossref","first-page":"83","DOI":"10.1016\/S0304-3878(98)00104-7","volume":"58","author":"B Armendariz de Aghion","year":"1999","unstructured":"Armendariz de Aghion, B.: Development banking. J. Dev. Econ. 58(1), 83\u2013100 (1999)","journal-title":"J. Dev. Econ."},{"key":"808_CR9","volume-title":"The economics of microfinance","author":"B Armendariz de Aghion","year":"2005","unstructured":"Armendariz de Aghion, B., Morduch, J.: The economics of microfinance. MIT Press, Cambridge (2005)"},{"key":"808_CR10","doi-asserted-by":"crossref","first-page":"13","DOI":"10.1007\/s00199-006-0167-6","volume":"32","author":"C Azariadis","year":"2007","unstructured":"Azariadis, C., Kaas, L.: Is dynamic general equilibrium a theory of everything? Econ. Theory 32, 13\u201341 (2007)","journal-title":"Econ. Theory"},{"issue":"1","key":"808_CR11","doi-asserted-by":"crossref","first-page":"189","DOI":"10.1257\/mac.2.1.189","volume":"2","author":"AV Banerjee","year":"2010","unstructured":"Banerjee, A.V., Moll, B.: Why does misallocation persist? Am. Econ. J. Macroecon. 2(1), 189\u2013206 (2010)","journal-title":"Am. Econ. J. Macroecon."},{"issue":"2","key":"808_CR12","doi-asserted-by":"crossref","first-page":"274","DOI":"10.1086\/261876","volume":"101","author":"AV Banerjee","year":"1993","unstructured":"Banerjee, A.V., Newman, A.F.: Occupational choice and the process of development. J. Polit. Econ. 101(2), 274\u2013298 (1993)","journal-title":"J. Polit. Econ."},{"key":"808_CR13","first-page":"A57","volume":"95","author":"ML Bech","year":"2009","unstructured":"Bech, M.L., Rice, T.: Profits and balance sheet developments at U.S. commercial banks in 2008. Fed. Reserv. Bull. 95, A57\u2013A97 (2009)","journal-title":"Fed. Reserv. Bull."},{"key":"808_CR14","unstructured":"Beck, T., Demirg\u00fc\u00e7-Kunt, A., Levine, R.E.: A new database on financial development and structure (Updated December 2009). Policy Research Working Paper (2009)"},{"key":"808_CR15","unstructured":"BNDES: Relat\u00f3rio Gerencial Trimestral: 4o Trimestre de 2010. Discussion paper, Banco Nacional de Desenvolvimento Econ\u00f4mico e Social (2010)"},{"key":"808_CR16","doi-asserted-by":"crossref","unstructured":"Buera, F.J., Kaboski, J.P., Shin, Y.: The macroeconomics of microfinance. NBER Working Paper No. 17905 (2012)","DOI":"10.3386\/w17905"},{"issue":"1","key":"808_CR17","doi-asserted-by":"crossref","first-page":"216","DOI":"10.1016\/j.red.2012.10.008","volume":"16","author":"FJ Buera","year":"2013","unstructured":"Buera, F.J., Moll, B., Shin, Y.: Well-intended policies. Rev. Econ. Dyn. 16(1), 216\u2013230 (2013)","journal-title":"Rev. Econ. Dyn."},{"key":"808_CR18","doi-asserted-by":"crossref","unstructured":"Buera, F.J., Shin, Y.: Financial frictions and the persistence of history: a quantitative exploration. J. Polit. Econ. 121(2), 221\u2013272 (2013)","DOI":"10.1086\/670271"},{"issue":"1","key":"808_CR19","doi-asserted-by":"crossref","first-page":"85","DOI":"10.1257\/aer.99.1.85","volume":"99","author":"M Cagetti","year":"2009","unstructured":"Cagetti, M., De Nardi, M.: Estate taxation, entrepreneurship, and wealth. Am. Econ. Rev. 99(1), 85\u2013111 (2009)","journal-title":"Am. Econ. Rev."},{"issue":"2","key":"808_CR20","doi-asserted-by":"crossref","first-page":"1197","DOI":"10.1162\/qjec.2008.123.3.1197","volume":"123","author":"F Caselli","year":"2008","unstructured":"Caselli, F., Gennaioli, N.: Economics and politics of alternative institutional reforms. Q. J. Econ. 123(2), 1197\u20131250 (2008)","journal-title":"Q. J. Econ."},{"issue":"4","key":"808_CR21","doi-asserted-by":"crossref","first-page":"818","DOI":"10.1086\/375382","volume":"111","author":"A Casta\u00f1eda","year":"2003","unstructured":"Casta\u00f1eda, A., D\u00edaz-Gim\u00e9nez, J., R\u00edos-Rull, J.-V.: Accounting for the U.S. earnings and wealth inequality. J. Polit. Econ. 111(4), 818\u2013857 (2003)","journal-title":"J. Polit. Econ."},{"issue":"3","key":"808_CR22","doi-asserted-by":"crossref","first-page":"1131","DOI":"10.1162\/0033553041502171","volume":"119","author":"R Castro","year":"2004","unstructured":"Castro, R., Clementi, G.L., MacDonald, G.: Investor protection, optimal incentives, and economic growth. Q. J. Econ. 119(3), 1131\u20131175 (2004)","journal-title":"Q. J. Econ."},{"issue":"3","key":"808_CR23","doi-asserted-by":"crossref","first-page":"554","DOI":"10.1016\/j.jfineco.2006.11.003","volume":"88","author":"S Claessens","year":"2008","unstructured":"Claessens, S., Feijen, E., Laeven, L.: Political connections and preferential access to finance: the role of campaign contributions. J. Financ. Econ. 88(3), 554\u2013580 (2008)","journal-title":"J. Financ. Econ."},{"key":"808_CR24","doi-asserted-by":"crossref","unstructured":"de Meza, D., Webb, D.C.: Credit market efficiency and tax policy in the presence of screening costs. J. public Econ. 36(1), 1\u201322 (1988)","DOI":"10.1016\/0047-2727(88)90020-5"},{"key":"808_CR25","doi-asserted-by":"crossref","first-page":"379","DOI":"10.1093\/wber\/13.2.379","volume":"13","author":"A Demirg\u00fc\u00e7-Kunt","year":"1999","unstructured":"Demirg\u00fc\u00e7-Kunt, A., Huizinga, H.: Determinants of commercial bank interest margins and profitability: some international evidence. World Bank Econ. Rev. 13, 379\u2013408 (1999)","journal-title":"World Bank Econ. Rev."},{"issue":"2","key":"808_CR26","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1111\/j.1468-2354.2008.00486.x","volume":"49","author":"A Erosa","year":"2008","unstructured":"Erosa, A., Hidalgo-Cabrillana, A.: Finance as a theory of TFP, cross-industry productivity differences, and economic rents. Int. Econ. Rev. 49(2), 437\u2013473 (2008)","journal-title":"Int. Econ. Rev."},{"issue":"1","key":"808_CR27","first-page":"133","volume":"81","author":"WG Gale","year":"1991","unstructured":"Gale, W.G.: Economic effects of federal credit programs. Am. Econ. Rev. 81(1), 133\u2013152 (1991)","journal-title":"Am. Econ. Rev."},{"issue":"1","key":"808_CR28","doi-asserted-by":"crossref","first-page":"35","DOI":"10.2307\/2297811","volume":"60","author":"O Galor","year":"1993","unstructured":"Galor, O., Zeira, J.: Income distribution and macroeconomics. Rev. Econ. Stud. 60(1), 35\u201352 (1993)","journal-title":"Rev. Econ. Stud."},{"key":"808_CR29","unstructured":"Gokhale, J., Kotlikoff, L.: The baby boomers\u2019 mega-inheritance\u2014myth or reality? Economic Commentary, Federal Reserve Bank of Cleveland (2000)"},{"issue":"2","key":"808_CR30","doi-asserted-by":"crossref","first-page":"458","DOI":"10.1086\/338747","volume":"110","author":"D Gollin","year":"2002","unstructured":"Gollin, D.: Getting income shares right. J. Polit. Econ. 110(2), 458\u2013474 (2002)","journal-title":"J. Polit. Econ."},{"issue":"3","key":"808_CR31","doi-asserted-by":"crossref","first-page":"715","DOI":"10.1111\/j.1467-937X.2006.00393.x","volume":"73","author":"P Gourinchas","year":"2006","unstructured":"Gourinchas, P., Jeanne, O.: The elusive gains from international financial integration. Rev. Econ. Stud. 73(3), 715\u2013741 (2006)","journal-title":"Rev. Econ. Stud."},{"issue":"5","key":"808_CR32","doi-asserted-by":"crossref","first-page":"1076","DOI":"10.1086\/261720","volume":"98","author":"J Greenwood","year":"1990","unstructured":"Greenwood, J., Jovanovic, B.: Financial development, growth, and distribution of income. J. Polit. Econ. 98(5), 1076\u20131107 (1990)","journal-title":"J. Polit. Econ."},{"issue":"4","key":"808_CR33","doi-asserted-by":"crossref","first-page":"1875","DOI":"10.1257\/aer.100.4.1875","volume":"100","author":"J Greenwood","year":"2010","unstructured":"Greenwood, J., Sanchez, J., Wang, C.: Financing development: the role of information costs. Am. Econ. Rev. 100(4), 1875\u20131891 (2010)","journal-title":"Am. Econ. Rev."},{"key":"808_CR34","unstructured":"Heston, A., Summers, R., Aten, B.: Penn World Table Version 6.2. Center for International Comparisons at the University of Pennsylvania (CICUP) (2006)"},{"key":"808_CR35","unstructured":"Heston, A., Summers, R., Aten, B.: Penn World Table Version 7.1. Center for International Comparisons at the University of Pennsylvania (CICUP) (2012)"},{"key":"808_CR36","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1007\/s00199-006-0201-8","volume":"32","author":"H Jeong","year":"2007","unstructured":"Jeong, H., Townsend, R.M.: Sources of TFP growth: occupational choice and financial deepening. Econ. Theory 32, 179\u2013221 (2007)","journal-title":"Econ. Theory"},{"key":"808_CR37","doi-asserted-by":"crossref","first-page":"485","DOI":"10.1086\/261884","volume":"101","author":"LE Jones","year":"1993","unstructured":"Jones, L.E., Manuelli, R.E., Rossi, P.E.: Optimal taxation in models of endogenous growth. J. Polit. Econ. 101, 485\u2013517 (1993)","journal-title":"J. Polit. Econ."},{"key":"808_CR38","doi-asserted-by":"crossref","unstructured":"Kaufmann, D., Kraay, A., Mastruzzi, M.: Governance matters III: updated governance indicators for 1996\u201302. Policy Research Working Paper 3106, World Bank (2003)","DOI":"10.1596\/1813-9450-3106"},{"issue":"1","key":"808_CR39","doi-asserted-by":"crossref","first-page":"161","DOI":"10.1007\/s00199-013-0745-3","volume":"55","author":"T Koeppl","year":"2014","unstructured":"Koeppl, T., Monnet, C., Quintin, E.: Efficient contract enforcement. Econ. Theory 55(1), 161\u2013183 (2014)","journal-title":"Econ. Theory"},{"key":"808_CR40","doi-asserted-by":"crossref","unstructured":"Lazzarini, S.G., Musacchio, A.: Leviathan as a mninority shareholder: a study of equity purchases by the Brazilian National Development Bank (BNDES), 1995\u20132003\u201d, Harvard Business School Working Papers 11\u2013073 (2011)","DOI":"10.2139\/ssrn.1745081"},{"issue":"3","key":"808_CR41","doi-asserted-by":"crossref","first-page":"391","DOI":"10.1007\/BF00141045","volume":"1","author":"J-W Lee","year":"1996","unstructured":"Lee, J.-W.: Government interventions and productive growth. J. Econ. Growth 1(3), 391\u2013414 (1996)","journal-title":"J. Econ. Growth"},{"issue":"11","key":"808_CR42","doi-asserted-by":"crossref","first-page":"1815","DOI":"10.1016\/S0165-1889(01)00011-2","volume":"26","author":"W Li","year":"2002","unstructured":"Li, W.: Entrepreneurship and government subsidies: a general equilibrium analysis. J. Econ. Dyn. Control 26(11), 1815\u20131844 (2002)","journal-title":"J. Econ. Dyn. Control"},{"issue":"2","key":"808_CR43","doi-asserted-by":"crossref","first-page":"508","DOI":"10.2307\/3003596","volume":"9","author":"RE Lucas Jr","year":"1978","unstructured":"Lucas Jr, R.E.: On the size distribution of business firms. Bell J. Econ. 9(2), 508\u2013523 (1978)","journal-title":"Bell J. Econ."},{"key":"808_CR44","volume-title":"Monitoring the world economy","author":"A Maddison","year":"1995","unstructured":"Maddison, A.: Monitoring the world economy. Organization for Economic Cooperation and Development, Paris (1995)"},{"key":"808_CR45","unstructured":"McGrattan, E.R., Prescott, E.C.: Is the stock market overvalued? Fed. Reserv. Bank Minneap Q. Rev. 24(4), 20\u201340 (2000)"},{"key":"808_CR46","doi-asserted-by":"crossref","first-page":"145","DOI":"10.1016\/0304-3932(85)90061-3","volume":"15","author":"R Mehra","year":"1985","unstructured":"Mehra, R., Prescott, E.C.: The equity premium: a puzzle. J. Monet. Econ. 15, 145\u2013162 (1985)","journal-title":"J. Monet. Econ."},{"key":"808_CR47","unstructured":"Midrigan, V., Xu, D.Y.: Finance and misallocation: evidence from plant-level data. Am. Econ. Rev. (Forthcoming) (2013)"},{"key":"808_CR48","unstructured":"Ottaviano, G.I.P., de Sousa, F.L.: O Efeito do BNDES na Produtividade das Empresas. In: DeNegri, J.A., Kubota, L.C. (eds.) Pol\u00edticas de Incentivo \u00e0 Inova\u00e7\u00e3o e Crescimento das Empresas, IPEA, Bras\u00edlia (2008)"},{"issue":"1","key":"808_CR49","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1007\/s00199-012-0722-2","volume":"54","author":"MU Peiris","year":"2013","unstructured":"Peiris, M.U., Vardoulakis, A.P.: Savings and default. Econ. Theory 54(1), 153\u2013180 (2013)","journal-title":"Econ. Theory"},{"key":"808_CR50","doi-asserted-by":"crossref","unstructured":"Quadrini, V.: The importance of entrepreneurship for wealth concentration and mobility. Rev. Income Wealth 45(1), 1\u201319 (1999)","DOI":"10.1111\/j.1475-4991.1999.tb00309.x"},{"issue":"1","key":"808_CR51","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1006\/redy.1999.0077","volume":"3","author":"V Quadrini","year":"2000","unstructured":"Quadrini, V.: Entrepreneurship, saving, and social mobility. Rev. Econ. Dyn. 3(1), 1\u201340 (2000)","journal-title":"Rev. Econ. Dyn."},{"issue":"3","key":"808_CR52","doi-asserted-by":"crossref","first-page":"1222","DOI":"10.1016\/j.jmacro.2007.05.005","volume":"30","author":"E Quintin","year":"2008","unstructured":"Quintin, E.: Limited enforcement and the organization of production. J. Macroecon. 30(3), 1222\u20131245 (2008)","journal-title":"J. Macroecon."},{"issue":"1","key":"808_CR53","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1016\/S0304-405X(03)00125-9","volume":"69","author":"RG Rajan","year":"2003","unstructured":"Rajan, R.G., Zingales, L.: The great reversals: the politics of financial development in the twentieth century. J. Financ. Econ. 69(1), 5\u201350 (2003a)","journal-title":"J. Financ. Econ."},{"key":"808_CR54","unstructured":"Rajan, R.G., Zingales, L.: Saving capitalism from the capitalists. Random House, Crown Business. ISBN 978-1-4000-4916-5 (2003b)"},{"key":"808_CR55","volume-title":"Estimating the causal effect of access to public credit on productivity: the case of Brazil","author":"EP Ribeiro","year":"2010","unstructured":"Ribeiro, E.P., DeNegri, J.A.: Estimating the causal effect of access to public credit on productivity: the case of Brazil. Universidade Federal do Rio de Janeiro, Mimeo (2010)"},{"issue":"31","key":"808_CR56","first-page":"41","volume":"16","author":"AA Sant\u2019Anna","year":"2009","unstructured":"Sant\u2019Anna, A.A., Bor\u00e7a-Junior, G.R., de Araujo, P.Q.: Mercado de Crdito no Brasil: Evolu Recente e o Papel do BNDES (2004\u20132008). Revista do BNDES 16(31), 41\u201360 (2009)","journal-title":"Revista do BNDES"},{"issue":"2","key":"808_CR57","doi-asserted-by":"crossref","first-page":"177","DOI":"10.1111\/1540-6229.00483","volume":"17","author":"BD Smith","year":"1989","unstructured":"Smith, B.D., Stutzer, M.J.: Credit rationing and government loan programs: a welfare analysis. AREUEA J. 17(2), 177\u2013193 (1989)","journal-title":"AREUEA J."},{"key":"808_CR58","unstructured":"Stiglitz, J.E.: The role of the state in financial markets. In: Proceedings of the World Bank Annual Conference on Development (1994)"},{"issue":"3","key":"808_CR59","first-page":"393","volume":"71","author":"JE Stiglitz","year":"1981","unstructured":"Stiglitz, J.E., Weiss, A.M.: Credit rationing in markets with imperfect information. Am. Econ. Rev. 71(3), 393\u2013410 (1981)","journal-title":"Am. Econ. Rev."},{"key":"808_CR60","unstructured":"Torres-Filho, E.T.: Mecanismos de Direcionamento do Cr\u00e9dito, Bancos de Desenvolvimento e a Experi\u00eancia Recente do BNDES. In: Ferreira, F.M.R., Meirelles, B.B. (eds.) Ensaios Sobre Economia Financeira, BNDES, Rio de Janeiro (2009)"},{"issue":"1","key":"808_CR61","doi-asserted-by":"crossref","first-page":"226","DOI":"10.1257\/0002828053828626","volume":"95","author":"J Wynne","year":"2005","unstructured":"Wynne, J.: Wealth as a determinant of comparative advantage. Am. Econ. Rev. 95(1), 226\u2013254 (2005)","journal-title":"Am. Econ. Rev."}],"container-title":["Economic Theory"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00199-014-0808-0.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s00199-014-0808-0\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00199-014-0808-0","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2019,8,9]],"date-time":"2019-08-09T09:57:55Z","timestamp":1565344675000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s00199-014-0808-0"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2014,4,9]]},"references-count":61,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2015,1]]}},"alternative-id":["808"],"URL":"https:\/\/doi.org\/10.1007\/s00199-014-0808-0","relation":{},"ISSN":["0938-2259","1432-0479"],"issn-type":[{"value":"0938-2259","type":"print"},{"value":"1432-0479","type":"electronic"}],"subject":[],"published":{"date-parts":[[2014,4,9]]}}}